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Susan Friend
Susan Friend is Owner/Operator of Between Friends, a specialty gift boutique for 4 years. After graduating from WSU with a major in Sociology, Susan worked for Senior Services in Wichita with the Meals on Wheels program. Susan and her husband, Jason Stuhlsatz share their home with their "kids", two Collies; Jenny Lee and Cleo. You can contact Susan @ (316) 685-2240 or @ 8336 E 21st St. Siute 600.
Specialty Gifts
2004-10-01 15:07:00
Am I ready for my own business?
ANSWER: The idea of starting your own business is exciting and spooky at the same time. You may have dreamed of starting a business for various reasons, but before you jump in with both feet, consider a few tips:If you are presently employed by someone else, consider the company benefits that are available to you. If there are company benefit plans, see when they will increase in value and whether or when you might receive money from them. Schedule routine physical, dental or eye exams that are currently covered by your company's health insurance. Determine the cost of the health coverage if you had to pay for it. See whether you will be getting a severance or retirement package that could help finance a business or pay living expenses. Evaluate your skills and education to decide whether you need additional training for your venture.Create a financial plan. First, make sure you have good credit. If not, take the time to establish it, preferably while you are still employed. While you're at it, start saving money. Try living on the bare minimum to see whether you can get by on less money when you start your business. Put the savings toward your venture. Moonlight at a part-time job. Experts recommend you save two years' worth of living expenses -- the average time for a business to become profitable -- before quitting to begin a full-time venture. Ask yourself and others whether you have what it takes to be a business owner. Setting goals, flexibility, self-discipline, confidence to take calculated risks, being willing to market yourself and your business, and others, are all important characteristics of an entrepreneur.  Do thorough market research for your business idea and write a business plan you could take to a banker. Use both primary research (asking people directly for feedback) and secondary research (collecting data and demographic information from business organizations, legislators and government agencies) to develop a customer profile and to see whether a market exists. You might consider starting your business part-time; 90 percent of new business owners do. Establish goals, both long-range and short-term, to establish a plan of action. Develop a business network of experts and contacts in your industry and in the community where you will be doing business. Those will be invaluable in getting referrals and clients.  Most importantly, discuss with your partner and family the impact a business could have on their lives. Their backing will be important to your business' success. You may need some sort of support until your business can sustain itself.
 
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